QUEST MANAGEMENT, SICAV

Transcription

1 UNAUDITED SEMI-ANNUAL REPORT As of 30 June 2011 R.C.S. Luxembourg B No subscriptions can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus and simplified prospectuses or key investor information documents, if and when applicable accompanied by the latest available annual report and semi-annual report if published thereafter.

2 TABLE OF CONTENTS UNAUDITED SEMI-ANNUAL REPORT MANAGEMENT AND ADMINISTRATION 3 STATEMENT OF NET ASSETS 6 STATEMENT OF OPERATIONS 7 STATEMENT OF CHANGES IN NET ASSETS 8 CHANGES IN THE NUMBER OF SHARES OUTSTANDING 9 STATISTICAL INFORMATION 9 STATEMENT OF THE SECURITIES PORTFOLIO QUEST MANAGEMENT, SICAV - QUEST CLEANTECH FUND 10 NOTES TO THE FINANCIAL STATEMENTS 12 SHAREHOLDER INFORMATION 16 2

3 MANAGEMENT AND ADMINISTRATION BOARD OF DIRECTORS CHAIRMAN Mr Yves DE VOS Managing Director, VP Bank (Luxembourg) S.A. 26, Avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg MEMBERS Mr René AVONTS Managing Director, Quest Management N.V. Lei 19 bus 2 B-3000 Leuven, Belgium Dr Jos B. PEETERS Director, Quest Management N.V. Lei 19 bus 2 B-3000 Leuven, Belgium Mr Romain MOEBUS Director, VP Bank (Luxembourg) S.A. 26, Avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg DAY-TO-DAY MANAGERS OF THE MANAGEMENT COMPANY Mr Jos WAUTRAETS Executive Director, VPB Finance S.A. 26, Avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg Mr Rolf DIDERRICH Executive Director, VPB Finance S.A. 26, Avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg REGISTERED OFFICE 26, Avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg 3

4 MANAGEMENT AND ADMINISTRATION (continued) MAILING ADDRESS P.O. Box 923 L-2019 Luxembourg, Grand Duchy of Luxembourg REGISTRATION NUMBER Luxembourg R.C.S. B Luxembourg VAT number LU MANAGEMENT COMPANY, INVESTMENT MANAGER, CENTRAL ADMINISTRATION AGENT, CORPORATE AND DOMICILIARY AGENT, REGISTRAR AND TRANSFER AGENT VPB Finance S.A. 26, Avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg CUSTODIAN BANK AND PAYING AGENT VP Bank (Luxembourg) S.A. 26, Avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg INVESTMENT ADVISOR Quest Management N.V. Lei 19 bus 2 B-3000 Leuven, Belgium MARKETING AGENT Quest Management N.V. Lei 19 bus 2 B-3000 Leuven, Belgium DISTRIBUTOR Crédit Agricole Van Moer Courtens S.A. (ex Dresdner Van Moer Courtens N.V.) 19, Drève du Prieuré B-1160 Bruxelles, Belgium 4

5 MANAGEMENT AND ADMINISTRATION (continued) REGISTRATION COUNTRIES Belgium Netherlands AUDITORS Deloitte S.A. 560, Rue de Neudorf L-2220 Luxembourg, Grand Duchy of Luxembourg LEGAL ADVISOR Bonn Schmitt Steichen 44, Rue de la Vallée L-2661 Luxembourg, Grand Duchy of Luxembourg 5

6 STATEMENT OF NET ASSETS As of 30 June 2011 Quest Management - Quest Cleantech Fund Combined (in EUR) (in EUR) 1 ASSETS Securities portfolio (at cost) DO 10,652, ,652, Unrealised appreciation/depreciation (-) DO 1,855, ,855, Securities portfolio at market value DO 12,508, ,508, ,508, Cash at banks 1,232, ,232, Receivables on subscriptions 20, , Receivables on securities sold 58, , Receivables on dividends Formation expenses (net) 1, , TOTAL ASSETS DO 13,822, ,822, ,822, LIABILITIES Payables on securities purchased -41, , Accrued expenses -24, , TOTAL LIABILITIES DO -65, , , NET ASSETS DO 13,757, ,757, ,757, TOTAL NUMBER OF SHARES OUTSTANDING Class A EUR 68, Class B EUR 15, Class C EUR 25, NET ASSET VALUE PER SHARE Class A EUR Class B EUR Class C EUR The accompanying notes form an integral part of these financial statements. 6

7 STATEMENT OF OPERATIONS For the year/period ended 30 June 2011 Quest Management - Quest Cleantech Fund Combined (in EUR) (in EUR) INCOME DO 1 Dividends, net 162, , Other income TOTAL INCOME DO 162, , EXPENSES Performance fees -53, , Investment advisory fees -19, , Administration fees Custodian and central administration fees -30, , Subscription tax -3, , Depreciation formation expenses Audit fees -7, , Other charges -23, , TOTAL EXPENSES DO -137, , NET INCOME/LOSS (-) FROM INVESTMENTS DO 24, , Net realised gain/loss (-) on foreign exchange -5, , Net realised gain/loss (-) on sales of securities 511, , NET REALISED PROFIT/LOSS (-) FOR THE YEAR/PERIOD DO 531, , NET CHANGE IN UNREALISED APPRECIATION/DEPRECIATION (-) - on foreign exchange 6, , on securities -190, , INCREASE/DECREASE (-) IN NET DO 346, , ASSETS AS A RESULT OF OPERATIONS The accompanying notes form an integral part of these financial statements. 7

8 STATEMENT OF CHANGES IN NET ASSETS For the year/period ended 30 June 2011 Quest Management - Quest Cleantech Fund Combined (in EUR) (in EUR) 1 NET ASSETS Beginning of the year/period 10,430, ,430, CHANGES FROM INVESTMENT ACTIVITIES Increase/decrease (-) in net assets as a result of operations for the year/period 346, , CHANGES FROM CAPITAL TRANSACTIONS Proceeds from shares issued 5,203, ,203, Payments for shares redeemed -2,223, ,223, ,980, ,980, NET ASSETS End of the year/period 13,757, ,757, The accompanying notes form an integral part of these financial statements. 8

9 CHANGES IN THE NUMBER OF SHARES OUTSTANDING As of 30 June 2011 Quest Management - Quest Cleantech Fund Class A EUR Class B EUR Class C EUR Number of shares at the beginning of the year/period 57, , , Number of shares issued 21, , , Number of shares redeemed -10, , Number of shares outstanding at the end of the year/period 68, , , STATISTICAL INFORMATION 30 June December December 2009 Total Company (in USD) Net Assets of Company 13,757, ,430, ,485, Quest Management - Quest Cleantech Fund (in EUR) Total net assets (in EUR) 13,757, ,430, ,485, Class A EUR Shares outstanding 68, , , Net asset value per share (in share class currency) Class B EUR Shares outstanding 15, , , Net asset value per share (in share class currency) Class C EUR Shares outstanding 25, , , Net asset value per share (in share class currency) The accompanying notes form an integral part of these financial statements. 9

10 QUEST MANAGEMENT, SICAV QUEST MANAGEMENT - QUEST CLEANTECH FUND Securities Portfolio as of 30 June 2011 (in EUR) Transferable securities admitted to an official stock exchange listing Shares Nominal Value/ % of Currency Quantity Description Market Value Net Assets EUR 27,342 ACCELL GROUP NV 542, USD 20,000 AECOM TECHNOLOGY CORP 377, EUR 10,500 ANDRITZ AG ONW 745, EUR 52,500 ARCADIS NV 885, EUR 5,500 BEKAERT 288, EUR 22,500 CENTROTEC SUSTAINABLE AG 475, USD 32,500 CORNING INC 407, EUR 8,000 FAIVELEY TRANSPORT 564, CHF 500 GURIT HOLDING AG SHARES 225, EUR 31,078 IMTECH NV 757, EUR 25,000 INIT INNOVATION IN TRAFFIC S 461, USD 13,750 ITRON INC 457, CHF 900 LEM HOLDING SA-REG 432, USD 22,000 LKQ CORP 396, EUR 6,250 MAYR-MELNHOF KARTON AG 508, CHF 8,000 MEYER BURGER TECHNOLOGY 246, USD 20,000 NALCO HOLDING CO 383, EUR 25,000 NEMETSCHEK AG 808, SEK 22,500 NIBE INDUSTRIER -B- 268, USD 16,500 PENTAIR INC 459, EUR 7,000 SCHALTBAU HOLDINGS 545, EUR 7,000 SMA SOLAR TECHNOLOGY AG 536, EUR 20,000 TRANSICS INTERNATIONAL NV 143, USD 12,000 TRINA SOLAR LTD-SPON ADR 185, EUR 21,500 UMICORE 808, EUR 4,000 WACKER CHEMIE AG 594, Total transferable shares admitted to an official stock exchange listing 12,508, Other transferable securities Subscription rights Nominal Value/ % of Currency Quantity Description Market Value Net Assets EUR 3 RTS ACCELL GROUP STOCKDIVIDEND Total other transferable subscription rights TOTAL SECURITIES PORTFOLIO 12,508, The accompanying notes form an integral part of these financial statements. 10

11 QUEST MANAGEMENT - QUEST CLEANTECH FUND Securities Portfolio as of 30 June 2011 (in EUR) (continued) Breakdown by country % of Net Assets Austria 9.12 Belgium 9.02 China 1.35 France 4.10 Germany Netherlands Sweden 1.95 Switzerland 6.58 United States of America TOTAL Breakdown by currency % of Net Assets CHF 6.58 EUR GBP 1.95 USD TOTAL The accompanying notes form an integral part of these financial statements. 11

12 NOTES TO THE FINANCIAL STATEMENTS AS OF 30 June 2011 Note 1 General Information QUEST MANAGEMENT, SICAV (hereafter the Fund ) incorporated on 16 June 2000 as a Société Anonyme qualifying as a Société d Investissement à Capital Variable with multiple Compartments and is governed by Part I of the Luxembourg law of 17 December 2010 on undertakings for collective investment (the 2010 Law ). It is established for an undetermined duration from the date of incorporation. The Company presently contains one Compartment: Quest Management - Quest Cleantech Fund (in EUR) Class A, B, and C Shares, each available in EUR The Board of Directors of the Fund has designated VPB Finance S.A. to act as Management Company for the Fund under the terms of the Management Company Services Agreement dated 1 April 2007, as the same may be amended from time to time (last amendment on 1 April 2008). The Management Company is a public limited company ( société anonyme ). As such, the Management Company will perform and render without limitation: (i) investment management services, (ii) administrative agency, domiciliary agency, registrar and transfer agency services, and (iii) marketing, principal distribution and sales services. Note 2 Summary of significant accounting policies The financial statements of the Fund are prepared in accordance with Luxembourg regulations relating to undertakings for collective investments. The combined financial statements are expressed in EUR and are presented for information purposes only. a) Foreign currency translation Investments as well as other assets and liabilities stated in foreign currencies are translated at the exchange rates prevailing as at the date of the report. The costs of investments are at historical exchange rates. Transactions in foreign currency during the year are translated at the rates prevailing at the date of transaction. Realised and unrealised exchange gains and losses are recorded in the statement of operations. b) Investments The value of securities, which are traded on a stock exchange or traded on an other regulated market providing reliable price quotations are valued at the latest price available on the valuation day. In the event that any securities held in the portfolio are not listed on any stock exchange or not traded on any other regulated market or if the price obtained as described above is not representative of the fair market value of the securities, the value of such securities will be based on the reasonably foreseeable sales price determined prudently and in good faith in accordance with generally accepted valuation principles. The cost of investments sold is determined on the basis of the weighted average price method. 12

13 NOTES TO THE FINANCIAL STATEMENTS AS OF 30 June 2011 c) Income recognition (continued) Interest income is accounted for on an accrual basis. Dividends are accrued on the date upon which the relevant security becomes ex-dividend, to the extent information thereon is reasonably available to the Compartments. These are accounted for net of any applicable withholding taxes in the relevant country. Note 3 Net asset value a) Computation The Net Asset Value per share is expressed in the currency of the relevant Compartment and is determined on each banking business day, by dividing the net assets of the relevant Compartment by the number of shares issued and outstanding in the relevant Compartment. b) Redemption of shares Each shareholder of a Compartment has the right to request at any time the redemption of his shares at an amount equal to the Net Asset Value of the relevant Compartment as described in the preceding paragraph. For each Compartment the Fund may temporarily suspend the calculation of the Net Asset Value per share, the redemption and the conversion of shares under certain well-defined circumstances as disclosed in the Prospectus. Note 4 Investment advisory and management fees The Fund pays to the Investment Advisor at the end of each month a fixed advisory fee determined in the Investment Advisory agreement dated 1 April 2007 and amended on 1 April 2008, as follows: Quest Management Quest Cleantech Fund Class A shares none Class B shares 1.25% p.a. of the respective Compartment s average Net Asset Value during the relevant month Class C shares 0.50% p.a. of the respective Compartment s average Net Asset Value during the relevant month Note 5 Fees for the Custodian Bank and the Management Company The commissions and fees for the Custodian Bank and the Management Company are calculated on the average net asset value of each month at a rate of 0.50% p.a. and are debited at the end of each month for the past month in accordance with the agreements signed with VP Bank (Luxembourg) S.A. and VPB Finance S.A. on 1 April 2007, as amended on 1 April

14 NOTES TO THE FINANCIAL STATEMENTS AS OF 30 June 2011 (continued) Note 6 Taxes The Fund is registered under the Luxembourg law as an investment company (Société d Investissement à Capital Variable SICAV ). Accordingly, no Luxembourg income or capital gains tax is, at present, payable. It is subject, however, to an annual taxe d abonnement calculated at the annual rate of 0,05% of the Net Asset Value of the Company at the end of each quarter. This tax is payable quarterly. Interest/dividend income may be subject to non-recoverable withholding tax in the country of origin. Note 7 Formation expenses The costs and expenses incurred in connection with the formation of the Fund respectively in connection with the launching of new Compartments or Classes of Shares are amortised over a period not exceeding 5 years. Note 8 Performance fee In consideration for its services, the Investment Advisor is entitled to receive from the Fund, when appropriate, a performance fee payable quarterly in arrears. The performance fee is accrued daily in the calculation of the Net Asset Value per share, according to the performance fee structure set forth below. For the class A shares of the Compartment Quest Management - Quest Cleantech Fund, the Fund pays the Investment Advisor a performance fee consisting of: - 20% of the net realized and unrealized appreciation, if any, in the Net Asset Value of the Compartment s shares which is in excess of the benchmark short interest rate, on a timeweighted rolling quarter basis, applied to 90% of the fully existing shares since start of quarter; - 20% of the net realized and unrealized appreciation, if any, in the Net Asset Value of the Compartment s shares which is in excess of the benchmark short interest rate since beginning of current quarter, applied to 10% of the fully existing shares since beginning of quarter; - 20% of the net realized and unrealized appreciation, if any, in the Net Asset Value of the Compartment s newly subscribed shares during the quarter which is in excess of the benchmark short interest rate since related subscription dates. The short interest rate is defined as EUR 3 months LIBOR. For the Class A shares of the Compartment Quest Management - Quest Cleantech Fund, the Fund does not pay the Investment Advisor a quarterly fee unless the Fund s return is higher than the benchmark interest rate for that particular quarter. A quarterly performance fee is only calculated when the performance of the Net Asset Value per share calculated on the basis of a rolling year is positive. Furthermore, the quarterly performance fee calculated per share may not exceed the performance of the Net Asset Value per share calculated on the basis of a rolling year. 14

15 NOTES TO THE FINANCIAL STATEMENTS AS OF 30 June 2011 (continued) The performance fee is charged to the Fund on a quarterly basis and paid out of the assets of the Compartment. The performance fee is accrued daily in the Net Asset Value per share. The transfer will be executed by the Management Company. In the case of the class A shares of Quest Management - Quest Cleantech Fund, the Investment Advisor may choose to waive all of its fee or any portion thereof at its absolute discretion for an indefinite period, in order to reduce the impact such fee may have on the performance of the Compartment in instances where the Compartment s net assets are of insufficient size. There is no performance fee charged in relation to Class B and Class C shares of Quest Management Quest Cleantech Fund. Note 9 Exchange rates Exchange rates as of 30 June 2011: 1 EUR = USD EUR = GBP EUR = CHF Note 10 Forward foreign exchange contracts There were no forward foreign exchange contracts outstanding at the end of the year/period. Note 11 Investments in related parties As of the date of this report, the Compartment of the Fund has not invested in related parties. Note 12 Changes in security portfolio Information about the changes that have occurred in the securities portfolio of the Compartment during the reporting period can be obtained from the Registered Office or from the Custodian Bank. Note 13 Future contracts on securities Future contracts on securities remaining open at the closing date are valued by reference to the last known market price. Any unrealised gains and losses are included in the statement of net assets. There were no open future contracts on securities as of the date of this report. 15

16 SHAREHOLDER INFORMATION The articles of incorporation, the full and simplified prospectuses, the statement of changes in the composition of the portfolios, the semi-annual and annual reports are available at the registered office of QUEST MANAGEMENT, SICAV, 26, Avenue de la Liberté, L-1930 Luxembourg. The semi-annual and annual reports contain general information about the Fund as well as data showing the Fund's development and its total net assets. The business year begins on 1 January and ends on 31 December. 16